May 2022 Benzene Imports Less Than Expected
As of June 23, China’s benzene prices fell to RMB 9,540/mt, down RMB 760/mt or 7.38% from the previous high of RMB 10,300/mt. Currently, China’s benzene price is still at a historical high level. The benzene imports were less than expected, which supported China’s domestic benzene prices.
According to the data of SCI, China imported 212.5kt of benzene in May 2022, and the average import price was $1,196.71/mt. The total imports from January to May 2022 were 1,392.8kt.
In May 2022, China imported 121.6kt of benzene from South Korea, making up 57% of the total. Imports from Brunei and Thailand were 40.7kt and 23.7kt, accounting for 19% and 11% of the total, respectively.
In May, Zhejiang-based companies received 76.5kt of imported benzene, making up 36% of the total, followed by Guangdong and Shanghai, with imports of 48.9kt and 31.6kt, accounting for 23% and 15%, respectively.
In May, 165.6kt or 78% of China’s imported benzene was via the general trade, and 46.9kt or 22% was via the processing trade with imported materials.
From the export data of South Korea, South Korea exported a total of 86,487mt of benzene from June 1 to 20, 2022, of which 29,000mt were exported to the U.S., 28,561mt to Chinese Mainland, 23,223mt to Taiwan of China, and 5,702 mt to Saudi Arabia. The total exports were far lower than those in May.
In general, China’s benzene imports in the first half of 2022 were less than expected. In the second half of the year, with the fall in demand in Europe and the U.S., the export direction of Asian benzene may have the opportunity to turn to China. After the tight supply and demand pattern in China is improved, China’s domestic benzene price is expected to return to the rational range.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
Please click "Read more" for the full article.
